In the past 12 months, Brisbane's home prices have jumped 2.9 per cent. That compares with a 10.5 per cent increase in Sydney and a 12.1 per cent rise in Melbourne.

But Mr Lawless said an oversupply of apartments could have investors treading cautiously.

In September, the Reserve Bank of Australia said Brisbane was still at risk of a potential for an oversupply of apartments which would drag property prices lower.

RBA assistant governor Luci Ellis then said second-hand apartments will likely fall in price as tenants move into newly built homes because they are nicer and rent is still low.

Mr Lawless said, while Brisbane is at a higher risk than Sydney and Melbourne because of a substantial uplift in existing unit stock, the threat is starting to subside.

"Brisbane has already moved through the peak of the construction pipeline - back in December last year - so it is already starting to come down a little bit," he said.

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Recent data from CoreLogic shows investors are also looking outside of the major capitals to regional areas where growth rates have been remarkably strong, particularly in areas adjacent to the Sydney metro area.

NSW's Newcastle and Lake Macquarie were the strongest regional performers with home prices up 15.3 per cent over the past 12 months, according to CoreLogic.

In Victoria, the strongest regional market was Geelong and in Queensland, the Sunshine coast was the most popular.

Mr Lawless said more and more people are using their equity in their property to buy lifestyle properties such as holiday homes or future retirement premises.

"The metro areas and the major capitals have just become too expensive," he said.